25 ms·

J.P. Morgan Hired Friends, Family of Leaders at Chinese Firms It Took Public

43 points by freewizard 11y ago

deleted 11y ago
[deleted]
- elthran 11y ago
  >Mario Dragi ex Goldman Sachs Vp now head of European Central Bank Banker becomes a head of a bank - what's your issue here?
  - gotchange 11y ago
    What about Henry Paulson, the former US Secretary of Treasury another GS veteran?
    - nicolapede 11y ago
      What's the problem in believing that most of the people that end up being bankers would love to work at GS and that hence GS can just pick up the best ones?
      - jazzyk 11y ago
        You obviously forgot the </s>
    - rayiner 11y ago
      How do you feel about, e.g., the FCC consistently being headed by people who have no experience in the tech industry?
      - tormeh 11y ago
        I, for one, prefer it to the entire FCC being made up of former Oracle employees.
        jmngomes 11y ago
        Exactly. I'm kind of surprised to see that the only comment noticing clear conflicts of interest was actually deleted...
      - sageikosa 11y ago
        About as well as I feel about the FCC at all. Let them license air-waves, and leave the wires to everyone else who actually puts them in and maintains them.
  - deleted 11y ago
    [deleted]
  - jazzyk 11y ago
    Not just a bank - one of the top 3 central banks in the world. And not just banks, governments: "The last three appointments to the Federal Reserve are all former Goldman officials GS, +0.09% —Patrick Harker, the new president of the Philadelphia Fed; Robert Kaplan, the new president of the Dallas Fed; and now, Neel Kashkari, the new president of the Minneapolis Fed." [1] Others, just the most recognizable names, more here [2]: - Lawrence Summers – Secretary of the Treasury of the United States (1999–2001) - Mark Patterson – Chief of Staff to the Secretary of the Treasury of the United States (2009–) - Henry Paulson – Former United States Secretary of the Treasury (2006–2009) - Romano Prodi – Prime Minister of Italy (1996–1998, 2006–2008) and President of the European Commission (1999–2004)[6] - Robert Rubin – Former Secretary of the Treasury of the United States, ex–Chairman of Citigroup - Malcolm Turnbull – Prime Minister of Australia (2015- ) - Erik Åsbrink – Minister for Finance of Sweden (1996–1999) - Vladimír Dlouhý – Minister of Industry and Trade of the Czech Republic (1992–1997) - Mario Draghi – President of the European Central Bank (2011-) - Jon Corzine – Former CEO of MF Global, Inc., former Democratic Governor (2006–2010) and U.S. Senator (2001–2006), New Jersey - Ziad Bahaa-Eldin – Deputy Prime Minister of Egypt (2013–) There are many more... [1] http://www.marketwatch.com/story/at-the-fed-kashkari-appointment-makes-vampire-squid-moniker-apt-2015-11-10 http://www.marketwatch.com/story/at-the-fed-kashkari-appoint... [2] https://en.wikipedia.org/wiki/List_of_former_employees_of_Goldman_Sachs https://en.wikipedia.org/wiki/List_of_former_employees_of_Go...
- cmdkeen 11y ago
  "David Camerons wife consultant for Goldman Sachs" She worked at Smythson, a British luxury goods manufacturer that got bought out by a consortium lead by the Goldman Sachs executive in 2005. "Two days after her husband became Prime Minister, she announced she was stepping down from her full-time role to take on a consultancy role within Smythson for two days a week. She said that choice was hers alone and had been made after she discovered she was pregnant again and after what she described as an 'understandably difficult year', attributed to the death of her first child, Ivan." But you know, carry on misrepresenting her as some evil consultant for Goldman Sachs.
runarb 11y ago
J.P Morgan also had a program called "Sons and Daughters" where they actively recruited sons and daughters of prominent senior Chinese officials to win business. From 2013: http://dealbook.nytimes.com/2013/08/30/morning-agenda-jpmorgans-sons-and-daughters-program/ http://dealbook.nytimes.com/2013/08/30/morning-agenda-jpmorg...
- daltonlp 11y ago
  You might consider reading the article before commenting.
lordnacho 11y ago
Much of the value in a bank is in the relationships. Pretty much every service a bank does, any bank can do. It's not that odd that they'd try to sweeten the deal with likely future power brokers. Plenty of businesses do something similar with work experience programs. You let the kids of your business connections come and sit with you a bit, and they tell daddy what a great experience it was.
known 11y ago
Sounds like https://en.m.wikipedia.org/wiki/Iron_law_of_oligarchy https://en.m.wikipedia.org/wiki/Iron_law_of_oligarchy

43 points by freewizard 11y ago

deleted 11y ago

[deleted]

elthran 11y ago
>Mario Dragi ex Goldman Sachs Vp now head of European Central Bank Banker becomes a head of a bank - what's your issue here?
- gotchange 11y ago
  What about Henry Paulson, the former US Secretary of Treasury another GS veteran?
  - nicolapede 11y ago
    What's the problem in believing that most of the people that end up being bankers would love to work at GS and that hence GS can just pick up the best ones?
    - jazzyk 11y ago
      You obviously forgot the </s>
  - rayiner 11y ago
    How do you feel about, e.g., the FCC consistently being headed by people who have no experience in the tech industry?
    - tormeh 11y ago
      I, for one, prefer it to the entire FCC being made up of former Oracle employees.
      - jmngomes 11y ago
        Exactly. I'm kind of surprised to see that the only comment noticing clear conflicts of interest was actually deleted...
    - sageikosa 11y ago
      About as well as I feel about the FCC at all. Let them license air-waves, and leave the wires to everyone else who actually puts them in and maintains them.
- deleted 11y ago
  [deleted]
- jazzyk 11y ago
  Not just a bank - one of the top 3 central banks in the world. And not just banks, governments: "The last three appointments to the Federal Reserve are all former Goldman officials GS, +0.09% —Patrick Harker, the new president of the Philadelphia Fed; Robert Kaplan, the new president of the Dallas Fed; and now, Neel Kashkari, the new president of the Minneapolis Fed." [1] Others, just the most recognizable names, more here [2]: - Lawrence Summers – Secretary of the Treasury of the United States (1999–2001) - Mark Patterson – Chief of Staff to the Secretary of the Treasury of the United States (2009–) - Henry Paulson – Former United States Secretary of the Treasury (2006–2009) - Romano Prodi – Prime Minister of Italy (1996–1998, 2006–2008) and President of the European Commission (1999–2004)[6] - Robert Rubin – Former Secretary of the Treasury of the United States, ex–Chairman of Citigroup - Malcolm Turnbull – Prime Minister of Australia (2015- ) - Erik Åsbrink – Minister for Finance of Sweden (1996–1999) - Vladimír Dlouhý – Minister of Industry and Trade of the Czech Republic (1992–1997) - Mario Draghi – President of the European Central Bank (2011-) - Jon Corzine – Former CEO of MF Global, Inc., former Democratic Governor (2006–2010) and U.S. Senator (2001–2006), New Jersey - Ziad Bahaa-Eldin – Deputy Prime Minister of Egypt (2013–) There are many more... [1] http://www.marketwatch.com/story/at-the-fed-kashkari-appointment-makes-vampire-squid-moniker-apt-2015-11-10 http://www.marketwatch.com/story/at-the-fed-kashkari-appoint... [2] https://en.wikipedia.org/wiki/List_of_former_employees_of_Goldman_Sachs https://en.wikipedia.org/wiki/List_of_former_employees_of_Go...
cmdkeen 11y ago
"David Camerons wife consultant for Goldman Sachs" She worked at Smythson, a British luxury goods manufacturer that got bought out by a consortium lead by the Goldman Sachs executive in 2005. "Two days after her husband became Prime Minister, she announced she was stepping down from her full-time role to take on a consultancy role within Smythson for two days a week. She said that choice was hers alone and had been made after she discovered she was pregnant again and after what she described as an 'understandably difficult year', attributed to the death of her first child, Ivan." But you know, carry on misrepresenting her as some evil consultant for Goldman Sachs.

runarb 11y ago

J.P Morgan also had a program called "Sons and Daughters" where they actively recruited sons and daughters of prominent senior Chinese officials to win business. From 2013: http://dealbook.nytimes.com/2013/08/30/morning-agenda-jpmorgans-sons-and-daughters-program/ http://dealbook.nytimes.com/2013/08/30/morning-agenda-jpmorg...

daltonlp 11y ago
You might consider reading the article before commenting.

lordnacho 11y ago

Much of the value in a bank is in the relationships. Pretty much every service a bank does, any bank can do. It's not that odd that they'd try to sweeten the deal with likely future power brokers. Plenty of businesses do something similar with work experience programs. You let the kids of your business connections come and sit with you a bit, and they tell daddy what a great experience it was.

known 11y ago

Sounds like https://en.m.wikipedia.org/wiki/Iron_law_of_oligarchy https://en.m.wikipedia.org/wiki/Iron_law_of_oligarchy